Container freight rates continue to soar

The rise container freight rates continues unabated as the sector continues to battle a capacity crunch, port congestion and supply chain disruption.
The Drewry composite World Container index increased 4% or $344 to $9,330.28 per feu as of 29 July, compared to a week earlier. At the end of June the index stood at $8,399.09 per feu, equating to a rise of close to $1,000 per feu over the last month.
It’s a similar picture for the Shanghai Containerized Freight Index (SCFI) rose to 4,196 points on 30 July up 96.24 point from 4,100 points a week. At the end of June the index stood at 3905.14 points.
Related: Container freight rates up 346% in a year
Drewry highlighted significant increases to both the US East and West Coasts from Asia. Spot freight rates from Shanghai to New York jumped 13% or $1,562 to reach $13,434 per feu, while rates on Shanghai to Los Angeles increased 6% or $550 to $10,503 per feu.
Despite rates already being an average of 368% higher than a year ago further rise are expected. “Drewry expects rates to increase further in the coming weeks,” the analyst said.

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